Shifts in inter-regional trading patterns and refinery configurations have meant that the Mediterranean market has switched from being a net exporter of jet fuel to being a net importer, and Argus is seeking to represent this change by assessing the product on a cif delivered west Mediterranean basis in the daily Argus European Products report.

Argus is the first price reporting agency to do so.

Argus' assessment of the market will take two forms. First, reporters will consider bids, offers and trades done for jet on a cif Mediterranean basis at a differential to Ice gasoil futures. Second, they will consider premiums paid to jet fob Mediterranean assessments for cif deliveries of 15,000-30,000t into Genoa or Lavera. Prices of jet fuel delivered to the eastern Mediterranean will also be considered, once freight cost adjustments have been made. Part cargoes will also be considered. The differentials to Ice gasoil and jet fob Mediterranean benchmarks will be published separately.

These new assessments come after several months of close consultation with market participants and in response to requests for a jet fuel price that reflects the current dynamics of the Mediterranean market more closely than prevailing assessments.

"Argus works with the industry to ensure that we deliver reliable, consistent and representative price assessments that reflect the market as it is traded. This new assessment has been launched as a result of our discussions with the major participants in the jet fuel market," Argus Media chairman and chief executive Adrian Binks said.

Argus jet fuel prices are used globally by airlines and suppliers to index term supply contracts. This Mediterranean assessment is one in a series of innovative jet fuel prices Argus provides, including Moscow jet fuel prices launched last year.

Argus will be presenting its new Mediterranean assessments and explaining the methodology at a forum in Rome on 30 September. Email us at info@argusmedia.com for further details.

About ArgusArgus Media is a leading provider of price assessments, business intelligence and market data on the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertiliser and transportation industries. It is headquartered in London and has offices in Houston, Washington, New York, Portland, Calgary, Johannesburg, Dubai, Singapore, Tokyo, Beijing, Sydney, Moscow, Astana, Kiev, Santiago and other key centres of the energy industry. Argus was founded in 1970 and is a privately held UK-registered company. Learn more at www.argusmedia.com.